Payments technology giant Visa has launched Visa Everywhere Initiative (VEI) in India, a global innovation program to select fintech companies to solve the payment and commerce challenges of the future.

Visa Everywhere Initiative has been designed to identify and collaborate with Indian fintech companies to create cutting-edge solutions to address digital payment challenges apart from improving their product propositions. The program is also expected to offer visionary payment solutions for Visa’s network of partners.

According to Visa, the enrolling Indian fintech companies whether they are startups or later-stage firms will work on themes that can help overcome the hurdles to higher adoption of digital payments in India. Visa said that the themes will range from increasing digital payment awareness and usage beyond metros to growing access to credit or scaling commercial payments.

TR Ramachandran – Visa Group Country Manager for India & South Asia said: “India has the second highest global fintech adoption rate in the world. Fintechs are putting new payment experiences into the hands of consumers and businesses every day. Through the Visa Everywhere Initiative, we seek to empower promising Indian fintechs that aim to make a difference to the way India pays.

“Payment innovation in India is accelerating at breakneck speed and we believe that providing a platform to, and collaborating with, fintechs through the VEI will help bring solutions to the market that enhance the consumer and merchant payment experiences of tomorrow.”

Visa has started accepting applications for the Visa Everywhere Initiative from eligible startups with the last date being 25 December 2019. Apart from engaging with fintechs via roadshows in Mumbai, Bengaluru, New Delhi, Hyderabad, and Sambalpur from 2 December to 11 December 2019, the program will offer fintechs a scope to be mentored by Visa’s experts.

Shortlisted Indian fintech companies will get the opportunity to present their proposed solutions to an expert panel in March and based on that, the winners will be declared, said Visa.

Arvind Ronta – Visa Head of Products for India & South Asia said: “We are excited to kickstart the VEI 2019 program in India. The initiative not only leads to higher visibility for the Fintechs, but also offers them access to Visa’s assets and mentorship to drive payments and commerce in India.”

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